It can do so many things! But not more than one at a time.
Bit like Jobsy these days, eh! Not as quick as he used to be (getting older/sick n' all), so the one task design is intentional.... so's he can keep up with it/has less to think about/remember.
And it does them all pretty badly
That's not surprising! 'Twas to be expected, though, given Jobsy's feeble (read piss weak) ad campaign that ran down/cast aspersions on MS/Windows/Vista/Win 7. Yup, Jobsy's gone off the boil orright. I mean, surely he had to know that the iPad would be likened/associated with feminine hygiene products, right?
Yet it was still named the iPad. 
But it can do so many things!
I can see where Jobsy was going with this one... or at least see his reasoning.... as in feminine hygiene products (such as the Kotex) have more than one use. Like mechanics use them to mop up oil spills; surgeons use them to mop the sweat from their brow so they don't drip into the patients wounds; teachers use them to clean off the black/whiteboard, and some truck drivers carry them aboard their rigs to help stem the flow of blood in the event of a serious accident.
Dunno that the iPad will stem the flow of Apple's life's blood (these days Jobsy looks like he could use a transfusion) but one can only hope the iPad dies a quick and painless death... before Apple/Jobsy comes up with the iCondom as protection/prevention against viruses, etc.
But it can do so many things!
Bit like the 'Jack of all Trades'.... master of none!
Oh, and on the subject of Jobsy's illness, rumour (and yes, that IS the correct spelling) has it that it is AIDS (Apple Induced Diahorrea Syndrome) ans is probably terminal.